SRINAGAR: Jammu and Kashmir-based logistics start-up FastBeetle has raised an undisclosed investment at a five million dollar valuation in a Seed B funding round. The investment was led by Jaipur-based angel investor KM Trans group, with participation from existing investors such as Saurabh Mittal, Sandeep Patel Nepra from Nepra Group, and Vikram Sanghvi. Delhi-based NDM advisors advised on the round.
FastBeetle-Raises-Undisclosed-Investment-at-5-Million-Valuation-in-Seed-B-Round
FastBeetle, co-founded in 2019 by Sheikh Samiullah and Abid Rashid Lone, aims to disrupt the traditional delivery sector in Jammu and Kashmir and expand into the e-commerce industry. The start-up operates a robust logistics network, covering 18,000 pin codes in India and internationally, and handles over 500,000 shipments monthly.
The funds raised will be used to expand FastBeetle’s last-mile delivery services to 170 pin codes in Jammu and Kashmir and support its entry into a new Line Haul business vertical. The company is also developing 3PL services for direct-to-consumer brands and enhancing its express delivery network. Additionally, it plans to build a platform to facilitate quick commerce in Jammu and Kashmir, driven by ONDC demand.
“We are partnering with over 2,000+ micro-entrepreneurs and SMEs, including women-led businesses, it fosters entrepreneurship and drives economic growth in underserved areas,” said Sheikh Samiullah, Co-founder and CEO of FastBeetle
FastBeetle recently began operations in Delhi and NCR, aiming to bridge the gap between these regions and Jammu and Kashmir.
In January 2023, FastBeetle became the first Kashmiri business to pitch for funding on Shark Tank India, raising Rs 90 lakh. The company has previously raised funds from angel investors and high-net-worth individuals, including $100,000 in a Seed A funding round in December 2021.
KMT’s group CEO Amit Chandawar in a statement said, “We are delighted to take our partnership to the next level and believe that Fastbeetle is in a perfect position to grab a considerable chunk of e-commerce business in J&K.
We are closely working with them and are happy with the growth witnessed in the last 12 months. The startup’s significant contribution to the state’s economic growth fills us with immense pride.”
Sunny Gupta, Co-founder and Fastbeetle’s Strategy and Partnership Head said that in an industry where growth and sustainability are paramount, the company has demonstrated exceptional financial performance, achieving profitability in a short period. “By prioritizing profitability as a core metric, we have established itself as a robust and sustainable venture, attracting the attention of investors seeking long-term value.”
The company is looking to close FY25 as its first full financial year of positive EBITDA.
